Pepe (PEPE) has gone up by 2% in the past 24 hours after President Donald Trump signed an executive order (EO) that could soon allow American investors to add cryptos to their retirement accounts. This favors a bullish Pepe price prediction, and higher trading volumes confirm it.
After hitting a low point at around $400 million on August 3, trading volumes are back above $500 million as traders have piled on crypto assets after the news.
401(k) accounts hold more than $8.7 trillion in assets and are used by American workers to save for retirement. They defer tax payments until the holder starts to make withdrawals at the retirement age.
Meme coins like Pepe could benefit once exchange-traded funds (ETFs) linked to tokens in this category start to be approved by the U.S. Securities and Exchange Commission (SEC).
PEPE Price Prediction: White House Announcement Could Trigger Short Squeeze
Nearly $300 million worth of short positions were liquidated yesterday across the crypto market as the news prompted a rally in top altcoins like XRP (XRP), Solana (SOL), and Ethereum (ETH).
Meanwhile, open interest in the futures market has been increasing in the past few days as Pepe recovered from its recent lows. Data from CoinGlass shows that OI hit $570 million and then started to progressively rise to its current level of $678 million.
PEPE’s 4-hour chart shows that the price has kept climbing near its 200-period exponential moving average (EMA) in this lower time frame and could soon hit a key resistance at $0.00001180 as well.
With billions of dollars probably heading to the crypto market in the short term, it would only be a matter of time for PEPE to rise to its most recent swing high at $0.00001400.
The Relative Strength Index (RSI) shows that there’s still room for further upward moves as it has not yet entered overbought territory. An explosive move could be expected if the price breaks above $0.00001200, at which point PEPE could offer short-term gains of 17%.
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